India, Dec. 24 -- The Ministry of Statistics and Programme Implementation (MoSPI) is in the process of revising the base years for computing Consumer Price Index (CPI), Index of Industrial Production (IIP) and Gross Domestic Product (GDP). It also proposes to include online sources as well as e-commerce platforms to compute retail inflation in a bid to substantially improve reliability, accuracy, and overall quality of the Consumer Price Index (CPI).
Early this month, the International Monetary Fund (IMF) gave India's national accounts statistics a 'C' rating for the second year, citing shortcomings that hinder economic surveillance.
Key issues that the IMF highlighted were an outdated 2011-12 base year for GDP, reliance on the WPI instea...